After meeting its annual goal in December 2015, Hilcorp Energy gave a six-figure gift totaling over $100 million to approximately 1,400 employees. Whereas your company may not be able to top this event, there are inexpensive (but effective) ways to recognize your employees’ achievements.
To be most effective, employee recognition must be timely, frequent, specific, and visible. Since staff members make multiple contributions to the company weekly, regular feedback shows where they’re excelling and where they need to improve. Workers then feel valued and want to consistently provide exceptional effort. Being publicly recognized for achievements magnifies the effect, allows colleagues to join in the praise, and provides staff examples of how they can contribute at top levels to benefit your corporation.
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Bonuses
Financial compensation in addition to base pay is always appreciated. Depending on performance, bonuses are typically given on a quarterly, semi-annual, or annual basis. Spot bonuses of $50 or more may be given sporadically by managers or co-workers for exceptional productivity. Micro bonuses may be given frequently by colleagues for valuable contribution having an immediate positive impact on your business.
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Verbal Praise
Verbal praise is the oldest, and one of the best forms, of peer-to-peer recognition for a colleague’s outstanding performance. When consistently given upon a project’s completion, a co-worker feels appreciated for his contribution and wants to continue working to the best of his ability in accomplishing tasks.
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Inexpensive Gifts
Giving a small memento, such as an engraved pen, encourages workers to recognize others’ hard work. Gold stars might be given a tangible value to be exchanged for items upon accrual.
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Employee Appreciation Day
The unofficial holiday known as Employee Appreciation Day is typically celebrated the first Friday of March. Small company-funded barbeques or office parties are often enjoyed on this day.
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Years of Service Award
Specific milestones of service time may be celebrated. Plaques or group greeting cards are effective gifts for this occasion.
Employee recognition is a vital part of growing your business that doesn’t have to cost a lot. Innovative Employee Solutions has tips and tricks for recognizing your employees and their hard work. For more information, connect with us today!
